Analyzing the Impact of COVID-19 on Key Economic Variables

This report analyzes the impact of the COVID-19 pandemic on the economy, focusing on the effects on GDP, employment, and inflation. The study employs a quantitative research method, utilizing secondary data from official sources like the ONS and statistical tools for data analysis. The research uses a deductive approach and positivism philosophy. The analysis includes regression to assess the relationship between the pandemic and economic indicators. The findings suggest that the pandemic did not significantly affect the economic indicators, with a moderate correlation between the variables. The report concludes by summarizing the impact of COVID-19 on the economy, referencing relevant literature to support its arguments and findings, and highlights the importance of understanding the pandemic's economic consequences.

CMP9139M Research
Methods

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
METHODOLOGY..........................................................................................................................3
Type............................................................................................................................................3
Approach.....................................................................................................................................3
Philosophy...................................................................................................................................4
Data collection............................................................................................................................4
Data analysis...............................................................................................................................4
DATA ANALYSIS..........................................................................................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
The current pandemic has affected the working of the company and the economy to a
great extent. This is because of the reason that due to pandemic there was lockdown and this
affected the performance of every sector a great extent. Along with this many different economic
variables were also affected with the pandemic like employment, GDP and the inflation within
the economy. The current study will analyse the relation and impact between the pandemic over
the GDP and other economic variable.
Aim
To analyse the impact of COVID 19 over the employment, GDP and inflation of the economy.
Hypothesis
H0- There is not any impact of COVID 19 on employment, inflation and GDP of the economy.
H1- There is a significant impact being created by pandemic over the different aspect of
economy that is employment, inflation and GDP.
Literature review
In the views of Nersisyan and Wray (2022) the current pandemic has affected the
working of the economy to a great extent. this is pertaining to the fact that the current pandemic
has resulted in negative impact over the working of the economy and the whole world as well.
this is pertaining to the fact that when the pandemic occurred then it will be affecting the
working of the whole economy. This is has affected the working efficiency of the economy to a
great extent.
On the other side, Susilawati, Falefi and Purwoko (2020) argued that the pandemic has
affected the different economic indicators as well. This other economic factors includes the
GDP, inflation, employment and many other different types of the factors as well. all these
factors have been affecting the efficiency of the whole economy to a great extent.
Along with this __ supported that pandemic has created negative impact over the working
of whole economy. This is pertaining to the fact that every aspect of the economy was affected
by the pandemic whether be it business, employment, inflation, GDP or any other aspect. This
pandemic has created a negative impact over the whole economy and this resulted in downfall
for the economy and the income of the country.

METHODOLOGY
Type
The type of research selected for the study to be completed is the quantitative research
method. this is pertaining to the fact that when the numeric information and statistical tools and
techniques will be used then the proper and accurate results will be obtained (Busetto, Wick and
Gumbinger, 2020).
Approach
For the completion of the current study the approach selected is the deductive approach
as this is more suitable in case of use of quantitative study. this is also suitable because it is based
on the factual information which is helpful in quantitative study.
Philosophy
The research philosophy is the one on the basis of which the different research methods
are being selected. In the present case of impact of pandemic over different economic indicators
the positivism philosophy is being used. This is being selected for the reason that this philosophy
is more suitable for the quantitative study as it includes the factual information only.
Data collection
The data for the completion of the study is being gathered with help of the secondary
sources only. This is helpful as the researcher can use the secondary data which is more reliable
and will be beneficial for the outcome to be precise and accurate. The collected is from the
official website of ONS and the data is gathered for three elements that is employment, GDP and
inflation.
Data analysis
For the analysis of the data, the use of different statistical tools will be undertaken. this is
necessary in order to analyse the data in proper and effective manner (Liamputtong, 2020). Also,
the statistical tools will be providing a crucial base for the research to be completed in proper
way and attain the objectives of the study in better and effective manner.
DATA ANALYSIS
H0- There is not any significance difference being created by the pandemic over the economic
factors.

H1- There is a significant difference being present in the pandemic and its impact over the
economic indicators of economy.
Chart
The above chart clearly outlines that with the increase of pandemic the other economic
factors are at the stage of decline. This simply means that with increase in pandemic other aspect
of the economy has been affected negatively.
Model Summary
Model R R Square
Adjusted R
Square
Std. Error of
the Estimate
1 .624a .390 .161 5398459.9141
6
a. Predictors: (Constant), gdp, employment, inflation
ANOVAa
Model
Sum of
Squares df Mean Square F Sig.
1 Regression 148949973201
157.440
3 496499910670
52.480
1.704 .243b

Residual 233146955557
920.500
8 291433694447
40.062
Total 382096928759
077.940
11
a. Dependent Variable: Covid
b. Predictors: (Constant), gdp, employment, inflation
Coefficientsa
Model
Unstandardized Coefficients
Standardized
Coefficients
t Sig.B Std. Error Beta
1 (Constant) -96859462.17065135825.879 -1.487 .175
employment 1280030.367 858813.654 .469 1.490 .174
inflation 1213031.215 2023935.517 .192 .599 .566
gdp 1317778.662 792801.307 .468 1.662 .135
a. Dependent Variable: Covid
By the analysis of the regression output it is clear that the null hypothesis is being
accepted and the alternate is being rejected. This is pertaining to the fact that the significance
value is 0.243 which is higher than the standard of 0.05. Thus, with this it can be implied that the
pandemic has not much affected the economic indicators of the economy. This is because of the
reason that the pandemic has affected the working efficiency of the whole world. hence, with this
it can be stated that the pandemic is not created any impact over the working of the economy.
Also the R is 62.4 % which implies that there is moderate correlation between all the variables
being tested. Along with this R square is 39 % and this implies that any change in the
independent variable will be cause a 39 % change in the dependent variable as well.
DISCUSSION
In support of this Leka (2020) stated that the pandemic has not much affected the
efficiency of the business and working of economy. This is because of the reason that due to the

pandemic there was shut down and the businesses were not allowed to do business. but after
when everything went normal again the businesses revived and the performance of the economy
improved. Also, the GDP of the country and the employment has increased post pandemic and
this has improved the working efficiency of the countries and economy in better and effective
manner. The test selected is regression and this has been used for the reason that relation
between the dependent and independent variable need to be analysed and evaluated. Hence, for
this reason the use of regression is being made.
CONCLUSION
In the end it is concluded that pandemic has affected the working of the economy to a
great extent. but with the help of the statistical output it was evident that there is not any impact
being created by the pandemic over the economic indicators within the economy. These
economic indicators involved the factors like GDP, inflation and the employment. But this
pandemic has not much affected the working of these economic factor to a great extent. further
the p value signified that null hypothesis is being accepted and alternate is being rejected.

REFERENCES
Books and Journals
Busetto, L., Wick, W. and Gumbinger, C., 2020. How to use and assess qualitative research
methods. Neurological Research and practice. 2(1). pp.1-10.
Islam, M.M., and et.al., 2020. Potential economic impacts of the COVID-19 pandemic on South
Asian economies: A review. World. 1(3). pp.283-299.
Leka, B., 2020. An overview of the pandemic impact in the economy of Albania. Romanian
Economic Journal. 23(78). pp.2-12.
Liamputtong, P., 2020. Qualitative research methods.
Nersisyan, Y. and Wray, L.R., 2022. What’s Causing Accelerating Inflation: Pandemic or Policy
Response?. Levy Economics Institute, Working Papers Series. 1003.
Susilawati, S., Falefi, R. and Purwoko, A., 2020. Impact of COVID-19’s Pandemic on the
Economy of Indonesia. Budapest International Research and Critics Institute (BIRCI-
Journal): Humanities and Social Sciences. 3(2). pp.1147-1156.